Currency pair Euro/Dollar EUR/USD continues to move as part of growth and has left the bullish channel. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the European currency and a potential continuation of the growth of asset quotes already from current levels. At the time of the publication of the forecast, the EUR/USD exchange rate is 1.0428. As part of the Forex forecast for November 16, 2022, we should expect an attempt to develop a downward price correction and a test of the support level, which is located on the pair near the area of 1.0265. Further, a rebound up and the beginning of the rise of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area above the level of 1.0845.
EUR/USD Forecast November 16, 2022
An additional signal in favor of the growth of EUR/USD quotes tomorrow will be a rebound from the upper limit of the bullish channel, do not forget about the rise to the width of this channel. The second signal in favor of this option will be a rebound from the support line on the relative strength index (RSI). Cancellation of the growth option for the quotes of the Euro/Dollar currency pair will be a fall and a breakdown of the level of 1.0085. This will indicate a breakdown of support and a continuation of the decline to the area at the level of 0.9665. In this case, the price will return inside the bullish channel, and this will indicate a fall to the lower border of this channel. It is worth waiting for confirmation of growth in the EUR/USD currency pair with a breakdown of the resistance level and closing the price above the level of 1.0545.
Among the important news from Europe and the US that may have an impact on the EUR/USD pair, it is worth highlighting: United States Retail Sales m/m, EIA United States Crude Oil Stocks Change), European Central Bank (ECB) President Lagarde Speech.
EUR/USD Forecast November 16, 2022 suggests an attempt to develop a slight correction of the pair and test the support area near the level of 1.0265. Where should we consider the price rebound upwards and an attempt to continue the growth of the currency pair in the market to the area above the level of 1.0845. In favor of the rise of the instrument in the Forex market, a test of the bullish trend line on the relative strength index (RSI) will come out. Cancellation of the growth option for the EUR/USD pair will be a fall in quotes and a breakdown of the level of 1.0085. This will indicate a breakdown of the support area and a continued decline in the Forex currency pair to the area below the level of 0.9665.
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